Jeramie Posted February 25, 2010 Report Share Posted February 25, 2010 I pay in big time on my taxes (kind of like a mini savings plan). With our Horses, Kids, and all of the equipment I bought last year we are looking at just over $6k back. Im using just less than half to finish the garden and the rest to pay off the Pontoon. So how did everyone else do this year? Did it cost you or do you get to cram some in your pockets?! Quote Link to comment Share on other sites More sharing options...
Newarcher Posted February 25, 2010 Report Share Posted February 25, 2010 Well, not to be THAT guy but everyone paid unless they made next to nothing. I think that using the Federal government and/or State government as a savings account is becoming a much more risky proposition. The government will more likely tell you 'sorry, we can't give you your refund for X months (or at all)' before they would tell some scumbag that will not work that they aren't getting their welfare check. This year will be remarkable if my predictions are correct. Just as the housing bubble broke after a couple stories first mentioned it and then it became a deluge of stories about it until it happened. The stories about the Federal government's insolvency are starting and bad things are about to happen folks. Sorry to hijack the thread. We received about $1,200 back from Federal and State but only due to some unique credits this year. New Quote Link to comment Share on other sites More sharing options...
Tominator Posted February 25, 2010 Report Share Posted February 25, 2010 Haven't done mine yet. Little nervous because of the house sale and new build. Every year but 1 we have had a return, so hopefully that's what I'm looking at this year. Quote Link to comment Share on other sites More sharing options...
Newarcher Posted February 25, 2010 Report Share Posted February 25, 2010 Haven't done mine yet. Little nervous because of the house sale and new build. Every year but 1 we have had a return, so hopefully that's what I'm looking at this year. This year would be a great year to use a tax professional. With the house sale and the credits that are new this year, well it is a unique year. New Quote Link to comment Share on other sites More sharing options...
dartonman Posted February 25, 2010 Report Share Posted February 25, 2010 We did ok with 5 kids and work expenses, along with the paintball business....but the Obama nonics did me no good at my work with the less taxes taken out plan, really bad in the end, but I dont owe anyone, so thats good...al Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted February 25, 2010 Report Share Posted February 25, 2010 I had ours done pretty early, our deposit went in Feb 5th. Got back some money, enough to cover what we spent for our Christmas last year and also pay some other bills. Was hoping to be able to apply the $6500 tax credit for our new home and get that back, hopefully we are done by the end of June or at least have our electric finalized and have our occupancy letter from the building inspector by then so I can get our return ammended. No state income tax here. Quote Link to comment Share on other sites More sharing options...
Tominator Posted February 25, 2010 Report Share Posted February 25, 2010 This year would be a great year to use a tax professional. With the house sale and the credits that are new this year, well it is a unique year. New I'm going to run it through Turbo Tax first and see what I come up with. Then I might shop it around. Quote Link to comment Share on other sites More sharing options...
The_Kat Posted February 25, 2010 Report Share Posted February 25, 2010 I ended up getting 5010 back for fed, and paid OK 8. Quote Link to comment Share on other sites More sharing options...
Ashley Posted February 25, 2010 Report Share Posted February 25, 2010 We ended up getting quite a bit with claiming Breylen on the taxes. We're finally going to get some stuff paid off :clap: Quote Link to comment Share on other sites More sharing options...
Newarcher Posted February 25, 2010 Report Share Posted February 25, 2010 If you guys really want to do the experiment, spend the effort to keep a log of every tax you pay for the year. That's gas taxes, phone taxes, sales taxes, income taxes, payroll taxes, real estate taxes, local taxes, fica taxes, etc. It would take some organization and some work to total it but not bad if you did it by the day. If you do this experiment, you would be SICK to know what you paid. Then and only then can you tell how much you really paid in taxes compared to other years. Because I can tax you to bankruptcy and you will never see it on your 1040.....fear the wizard behind the curtain. New Quote Link to comment Share on other sites More sharing options...
Ohiobucks Posted February 25, 2010 Report Share Posted February 25, 2010 (edited) Practically "break even" for us this year. I adjusted my number of allowances at the beginning of last year from 1 to 5 on my W4. Held less tax out per pay increasing my take home pay, but no "big gov't payday" in the form of a tax return in the spring. Which is just fine with me...... I hate taxes. And New, I'm not even going to think about following through with your suggested experiment, I get sick enough when I see my pay stub taxes. :taped: Edited February 25, 2010 by Ohiobucks Quote Link to comment Share on other sites More sharing options...
redkneck Posted February 25, 2010 Report Share Posted February 25, 2010 Haven't done mine yet, it's still pretty early, lol. I'll end up paying fed and state I'm sure, I need to up my deducts. Quote Link to comment Share on other sites More sharing options...
layin on the smackdown Posted February 25, 2010 Report Share Posted February 25, 2010 I didn't do as well as i had hoped, but at least im in the black...got a little over $600 from the fed, and $200 from the state...I just can't figure out why every friend of mine who lives in IL is getting four digits back??? What the heck am i doing wrong???Missed the $8K new home buyers credit by 18 days.....But its probably a blessing in disguise, because i learned that everyone pays that back over a 15 year span through dedcutions from your annual tax returns...Oh well... Quote Link to comment Share on other sites More sharing options...
bluelund79 Posted February 25, 2010 Report Share Posted February 25, 2010 Having Dylan this past year really helped us out. We made enough to pay off some debts, a much needed vacation is already paid for for a week in TX to visit my wifes family(airfare/rental van/nice hotel/lots of spending green), and I'm getting new strings and cables on both of my bows, plus the savings got padded, oh yeah-my oldest got a WII... Quote Link to comment Share on other sites More sharing options...
Gator Posted February 25, 2010 Report Share Posted February 25, 2010 I worked a "side" job last year, made $1800 at it, with no taxes taken out. That $1800 knocked my refund down $400-$600. Not real happy about that at all Quote Link to comment Share on other sites More sharing options...
hutchies Posted February 25, 2010 Report Share Posted February 25, 2010 (edited) $8,263.......But I have alot of write offs.......Wife in college, 3 kids, mortgage interest, student loan interest. My buddy bought a house this year. He made almost 100,000 and got back $11,500 Edited February 25, 2010 by hutchies Quote Link to comment Share on other sites More sharing options...
layin on the smackdown Posted February 25, 2010 Report Share Posted February 25, 2010 My buddy bought a house this year. He made almost 100,000 and got back $11,500 :ShowSource('puking-smilies/25.gif')'> Quote Link to comment Share on other sites More sharing options...
hutchies Posted February 25, 2010 Report Share Posted February 25, 2010 No what's gonna make you sick is in a couple years when i buy a house and claim my tax credit on top of my 8,000 I get back. Quote Link to comment Share on other sites More sharing options...
c_lou Posted February 25, 2010 Report Share Posted February 25, 2010 We got back about $4200 total. Not sure what I am going to spend it on, probably a little of this, a little of that. Quote Link to comment Share on other sites More sharing options...
Adjam5 Posted February 25, 2010 Report Share Posted February 25, 2010 Still waitin' on one more W2 from my broker, then I will know. Quote Link to comment Share on other sites More sharing options...
JimT Posted February 25, 2010 Report Share Posted February 25, 2010 I got another good refund... Quote Link to comment Share on other sites More sharing options...
JimT Posted February 25, 2010 Report Share Posted February 25, 2010 $8,263.......But I have alot of write offs.......Wife in college, 3 kids, mortgage interest, student loan interest. My buddy bought a house this year. He made almost 100,000 and got back $11,500 He needs to put some of that in a 401k or whatever. Thats way to much to let the crooks errrrrrrrrr....feds borrow.... Quote Link to comment Share on other sites More sharing options...
texastrophies Posted February 25, 2010 Report Share Posted February 25, 2010 Haven't done mine yet. Kind of scared to. Had a pretty good year, pay wise last year, Lost my marriage filing, but can still claim head of household, but the rest of my deductions are going to be less than normal, so it is not looking to good. Last year I had to pay $2400, hopefully it won't be that bad, we will see in about a month or so. Quote Link to comment Share on other sites More sharing options...
hutchies Posted February 25, 2010 Report Share Posted February 25, 2010 He needs to put some of that in a 401k or whatever. Thats way to much to let the crooks errrrrrrrrr....feds borrow.... Only reason he got that back is because of the 8,000 tax break for buying a house. Quote Link to comment Share on other sites More sharing options...
doubledrop Posted February 25, 2010 Report Share Posted February 25, 2010 4600 back on federal and 2 bucks on state. Quote Link to comment Share on other sites More sharing options...
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